Advance tax Mop-up rises 15% in June qtr

2023-06-16 19:23:05

New Delhi: India’s advance tax collections for FY24 rose 15% in June quarter from a year earlier to ₹1.15 lakh crore, people aware of the details said. Of the total advance tax collected until June 15, corporate tax accounted for ₹92,172 crore, while personal income taxes contributed ₹23,513 crore.

The advance tax collections for the June quarter last fiscal were Rs 1.01 lakh crore, out of which corporate tax accounted for ₹78,842 crore and personal income tax ₹22,175 crore.

The total direct tax collection, net of refunds, as on June 15 was ₹3.78 lakh crore, of which net corporate tax was ₹1.56 lakh crore, while income tax collections totalled Rs 2.16 lakh crore.

The numbers reflect payments until 11.30 pm on June 15. Officials said the final figures may go up further.

“The figures are expected to increase when further information is received from banks on Monday,” said an official.

The strong growth in advance tax collections is in sync with other high-frequency data such as goods and services tax (GST) collections, car sales and fuel consumption that suggest the economy is holding firm amid high interest rates and slowing global growth.The I-T department issued ₹39,390 crore refunds until June 15, once morest refunds of ₹30,334 crore issued during the same period last year. Tax deducted at source was ₹2.69 lakh crore.

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